• Page Views 813
  • ANA Holdings Inc., the Japanese parent company of All Nippon Airways, is investing $95 million for a 9.5-percent stake in PAL Holdings Inc., the holding company of Philippine Airlines.

    The two companies said in a joint statement ANA HD would acquire the shares from Trustmark Holdings Corp., which is owned by the family of billionaire Lucio Tan and is the largest shareholder of PAL Holdings.

    “This purchase underscores ANA HD’s belief in the dynamism of the Asian region and the great potential of the Philippines’ multi-awarded flag carrier and its confidence that the Philippine air travel market will continue to serve as an economic leader for the Asean region,” the Japanese company said.

    It said the investment would herald “the dawn of a new era of growth for PAL, which has embarked on a full-scale expansion program that has seen its fleet and network grow to almost 100 aircraft and 80 destinations in four continents.”

    PAL was recently recognized as the World’s Most Improved Airline for 2019.

    ANA Group said that in line with the mid-term corporate strategy for the period 2018-2022, it would expand its international group network, which is considered its main growth pillar and strengthen its partnerships with foreign airlines to provide further convenience to its passengers.

    PAL president and chief operating officer Jaime Bautista said the company was honored and excited that a premier airline group such as ANA HD decided to purchase shares in PAL Holdings.

    “The Philippines and Japan have a long-standing relationship with complementary strengths. This week, in fact, we commemorate the 70th year of Philippine Airlines’ service to Japan, dating back to the launch of our first Manila-Tokyo flight on January 26, 1949. It is a great privilege to celebrate this historic occasion by strengthening our ties with ANA, as we aim to build a relationship that is mutually beneficial with an eye to a more progressive future,” Bautista said.

    ANA Holdings president and chief executive Shinya Katanozaka said: “Asia is a key growth market and we believe Philippine Airlines is in an excellent operational position to capitalize on both the strong uptick in air traffic growth as well as the vibrant, expanding Philippine economy.”

    “We look forward to expanding our business relationship with Philippine Airlines so we can continue to serve our passengers even better,” he said.

    Philippine Airlines currently operates 84 flights weekly on nine routes to Japan while ANA operates 14 flights weekly on two routes to the Philippines.

    The two carriers have codeshare operations on Japan-Philippine routes and domestic routes within Japan and the Philippines, linking a total of 16 Japanese and 11 Philippine destinations.

    Completion of the investment is subject to certain closing conditions. (D. Amojelar, MS)

    Share

    New Posts Recently publish post More

    • 10 November 2022
      3 weeks ago No comment

      Golden Gift Society receives donation, accepts new members

      A Metro-Vancouver nonprofit dedicated to helping the less fortunate continues to touch the lives of many. More people are going to benefit from the work of the Golden Gift From The Heart For People In Need Society as it recently accepted a generous donation and grew its ranks with ...

    • 06 October 2022
      2 months ago No comment

      Filipinos run in October 15 municipal elections

      At least 10 Filipinos are running in the October 15 municipal elections in B.C. The candidates are vying for posts in council and school board in different cities across the Greater Vancouver region. The most prominent of the candidates are Maita Santiago, who is running for council in Burnaby, ...

    • 22 September 2022
      2 months ago No comment

      Vhong Navarro under NBI custody for rape charge

      Metro Manila — TV host and actor Vhong Navarro remains under the custody of the National Bureau of Investigation (NBI) as of Tuesday, a day after he was slapped with two arrest warrants over complaints filed by model-stylist Deniece Cornejo in 2014. Navarro’s camp has yet to file a motion ...

    • 22 September 2022
      2 months ago No comment

      Meet and greet with Jinny, Ramon and Surrey Forward

      The Surrey Forward party is ready to serve the city and its residents. Surrey Forward is fielding Jinny Sims as mayoral candidate in the October 15, 2022 local election, and the party also has seven candidates for council. One of these candidates is Filipino Canadian financial professional Ramon Bandong. ...

    • Queen-Elizabeth-King-Charles-2022
      15 September 2022
      2 months ago No comment

      Farewell Queen Elizabeth, Long live King Charles!

      The world is mourning the death of Queen Elizabeth II, U.K.’s longest-serving monarch, who died on September 8 at the age of 96. Queen Elizabeth, whose reign spanned 70 years, was succeeded to the throne by her eldest son Charles, who has been proclaimed as King Charles III. The ...

    %d bloggers like this: